Greece: Manufacturing PMI slips to four-month low in October
The IHS Markit manufacturing Purchasing Managers’ Index (PMI) ticked down to a four-month low of 53.5 in October from 53.6 in September. Despite the dip, the PMI remained comfortably above the critical 50-threshold that separates expansion from contraction in business conditions in the manufacturing sector.
October’s downtick reflected slightly slower growth in output and new orders. Nevertheless, both production and new business still rose at a solid clip amid greater client demand at home and abroad. In line with higher production requirements, firms raised their staff numbers accordingly, with the pace of job creation remaining strong in October. On the price front, although input cost inflation ticked up, goods producers cut their selling prices for the first time in four months in an effort to stay competitive. Lastly, business confidence remained upbeat, owing to firms’ favorable assessment regarding demand and financial conditions.